Joey Agree Buys 7,360 Shares of Agree Realty (NYSE:ADC) Stock

Agree Realty Corporation (NYSE:ADC) CEO Joey Agree acquired 7,360 shares of the stock in a transaction dated Wednesday, September 16th. The stock was bought at an average cost of $68.06 per share, with a total value of $500,921.60. Following the completion of the purchase, the chief executive officer owned 682,465 shares of the company’s stock, valued at approximately $46,448,567.90. The trade was a 1.09% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Agree Realty Stock Down 2.1%

ADC stock opened at $68.57 on Thursday. The firm has a market capitalization of $8.53 billion, a PE ratio of 36.87, a P/E/G ratio of 2.29 and a beta of 0.46. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.60. Agree Realty Corporation has a twelve month low of $67.93 and a twelve month high of $82.08. The stock’s 50 day moving average is $75.56 and its 200-day moving average is $76.20.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Thursday, July 30th. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.04). The company had revenue of $216.33 million for the quarter, compared to the consensus estimate of $204.53 million. Agree Realty had a return on equity of 3.90% and a net margin of 28.84%.The company’s quarterly revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.06 EPS. Agree Realty has set its FY 2026 guidance at 4.570-4.590 EPS. Sell-side analysts expect that Agree Realty Corporation will post 4.45 EPS for the current fiscal year.

Agree Realty Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, October 14th. Stockholders of record on Wednesday, September 30th will be paid a $0.267 dividend. The ex-dividend date is Wednesday, September 30th. This represents a c) annualized dividend and a dividend yield of 4.7%. Agree Realty’s dividend payout ratio is presently 172.04%.

Hedge Funds Weigh In On Agree Realty

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Pasadena Private Wealth LLC purchased a new stake in Agree Realty during the fourth quarter worth about $1,349,000. Lasalle Investment Management Securities LLC boosted its stake in Agree Realty by 6.2% in the fourth quarter. Lasalle Investment Management Securities LLC now owns 674,524 shares of the real estate investment trust’s stock valued at $48,586,000 after acquiring an additional 39,119 shares during the last quarter. Vision Capital Corp bought a new position in shares of Agree Realty during the 4th quarter valued at approximately $3,920,000. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Agree Realty by 7.5% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 781,592 shares of the real estate investment trust’s stock valued at $58,916,000 after acquiring an additional 54,478 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Agree Realty by 6,172.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 100,607 shares of the real estate investment trust’s stock worth $6,926,000 after purchasing an additional 99,003 shares during the last quarter. 97.83% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADC has been the topic of a number of recent analyst reports. Huntington initiated coverage on shares of Agree Realty in a research report on Wednesday, July 15th. They set an “outperform” rating and a $84.00 price target on the stock. Jefferies Financial Group began coverage on shares of Agree Realty in a research report on Monday, June 1st. They issued a “buy” rating and a $84.00 price objective for the company. Wall Street Zen cut shares of Agree Realty from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. Barclays boosted their target price on Agree Realty from $84.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 22nd. Finally, Weiss Ratings raised Agree Realty from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 25th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Agree Realty has an average rating of “Moderate Buy” and an average price target of $83.94.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a real estate investment trust that owns, develops, acquires and manages retail properties. The company primarily invests in freestanding, net-leased properties occupied by nationally recognized and regionally established retailers.

Under a net lease, tenants generally pay expenses such as property taxes, insurance and maintenance in addition to rent. Agree Realty’s portfolio is focused largely on essential retail locations, including stores serving everyday consumer needs.